WINGARA AG LTD — Investor Presentation 2020

Nov 3, 2020

We efficiently connect primary producers to the global market through our protein supply chain platform

Q2 FY21 Presentation Gavin Xing, Chief Executive Officer 4 November 2020

“Wingara is positioned for a strong second half”

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Unlocking value in the protein supply chain | Page 1

Enabling Australian agricultural products to reach end markets

• WNR’s business model:

• Owns and manages critical export infrastructure assets within the protein supply chain

• Tolling revenue model based on throughput

• Capitalise on our global trading network

• Partnership with primary producers with a greater access to products for export

• Diversification through multi-products

• WNR’s mission is to enable products to reach end consumers efficiently and securely, with provenance

• WNR’s growth strategy is to build a supply chain platform based on acquisition and organic growth

• The company has established two business divisions based on our growth strategy: Fodder (JC Tanloden) and Red Protein Export Service (Austco Polar)

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Business Model: Processor and marketer of fodder products including oaten, wheaten, barley, canola hay and straw

Assets: Two sites; Epsom & Raywood, Victoria providing a combined 110,000 MT processing capability and 30,000 MT storage capacity

Markets: China, Taiwan, Japan and Korea (Key clients include Yili, MengNiu, Fonterra, Bright Holstein, Zenoh, Kanematsu)

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Business Model: Value-add and logistic services for red meat export including blast freezing and cold storage

Assets: Laverton, VIC across 1 Hectare. Blast freezing throughput of 45,000 packs per week plus storage capacity of 10,000 standard size pallets

Markets: Export accredited to key destinations including China, Japan, Korea, EU, USA, Middle East (including Halal certification)

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Q2 cashflow reflects strategic inventory build-up to support future sales

• H1 FY21 cash receipts up 22% to $19.15m (vs H1 FY20)

• Q2 FY21 cash receipts up 1% to $9.13m (vs Q2 FY20)

• Well-positioned for next phase of growth, with a diversified asset investment model proving extremely resilient

• Increased fodder export revenues have protected the Company from a reduction in blast carton volumes

• H1 FY21 operating cash outflow of $(0.55)m is a direct result of inventory build-up to support H2 FY21 sales

• Q2 FY21 operating cash outflow of $(0.53)m

• JC Tanloden H1 FY21 production was up 50% (on H1 FY20) at 25,974 MT

• Inventory in was up 734% (on H1 FY20) to 20,290 MT, a strong lead indicator of future sales

• Despite a fall in overall volumes over H1 FY21 (compared to H1 FY20), Austco Polar has performed strongly in light of significant challenges from the economic environment

• Successful $5.037m oversubscribed Placement facilitates immediate growth opportunities for fodder export within JC Tanloden

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Revenue run-rate on track to $40m p.a.

• Wingara’s diversified asset investment model allowed the Company to navigate through serious Q2 COVID-19-related challenges in a tough macro-economic environment while setting strong foundations for the Company’s next phase of revenue growth

• Austco Polar is operating effectively despite COVID-19 and international shipping logistic challenges

• Asset base of over $50m with less than $5m core debt reflects company’s disciplined capital management

• Brown-field improvement at Epsom and greenfield development at Raywood positioned JCT as the largest Victorian fodder exporter in terms of capacity

Quarter end Financial Period	Jun-19 Sep-19 Dec-19 Mar-20 Annual Total Jun-20 Sep-20 Q1 FY20 Q1 FY20 Q3 FY20 Q4 FY20 FY 2020 Q1 FY21 Q2FY21
Receipts from customers ($m) Net Cash From Operating Activities ($m) JCT fodder throughput (MT) JCT fodder inventory (MT) Austco Blast freezing cartons	7.63 8.13 9.34 10.58 35.68 10.02 9.13 1.93 1.09 -1.13 -0.32 1.58 -0.02 -0.53 8,175 9,125 10,449 14,279 42,028 11,839 14,135 8,981 2,434 18,515 15,777 16,278 20,290 488,852 412,492 712,118 515,510 2,130,972 409,647 413,193

• JCT fodder inventory is up 8.3x on end of Q2 position in FY20.

• Business planning and hay accumulation contracting for next harvest season (October to February) is well underway with the objective to improve capacity utilisation from the current 50% to 70-75% based on 110,000 MT processing capacity

• Victoria is showing positive signs of a strong lamb season post re-stocking and we are working with key clients to plan for the coming season

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H1 FY21 performance

• JC Tanloden H1 FY21 production was up 50% (on H1 FY20) at 25,974 MT

• Overall export demand is solid, with key Asian economies recovering following reopening post COVID-19

• Inventory has increased 734% in H1 FY21, to 20,290 MT (compared to 2,434 MT in H1 FY20), a strong lead indicator of future sales

• Despite a fall in overall volumes over H1 FY21 (compared to H1 FY20), Austco Polar has performed strongly in light of significant challenges from the economic environment

• Austco Polar blast carton remained constant across quarters in FY21, with blast carton volumes of 823k achieved for H1 FY21, even though revenue has decreased

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20,000
14,135
15,000
10,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY19 FY20 FY21
FY 2019: 46,268 MT FY 2020: 42,028 MT
800,000
700,000
600,000
500,000 413,193
400,000
300,000
200,000
100,000
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY19 FY20 FY21
FY 2019: 1,836,364 FY 2020: 2,130,972
HAY (TONNES)
Blast Cartons
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A diversified agricultural products platform

WNR has built a sustainable platform for processing and marketing agricultural products – more products can be added at the appropriate time

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For Primary 1 2 3
Producers For Customers
Process raw Logistics to move Provide insights
materials to products worldwide and services for
Connects primary producers Receives
products in demand partners
with valuable high demand in-demand quality assured,
for export markets
export markets Australian products
Risk management framework
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• A highly scaleable model that unlocks value in Asian export markets

• Ability to capitalise on opportunities in the ‘protein supply chain’ that meet Asian demand characteristics which are driven by the need for increased ‘food security’

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Q2 Summary

• JC Tanloden is ready to enter the next phase of growth, with significant inventory accumulation and plans for further site development

• Austco Polar Cold Storage has mitigated COVID-related and logistical disruption by managing costs and driving efficiencies across the business

• Cash receipts continue to grow quarter-on-quarter

• Wingara will look to benefit from an improving domestic economy, as COVID restrictions are relaxed, and strengthening Asian export markets in H2 FY21

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Appendix
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JC Tanloden – services and key markets

• Original business was one of the first fodder exporter form Victoria with a 30 years history

• We purchase, process and transport our high quality produce to our domestic and global customers

• Revenue is generated via a tolling model where fees charged are dependent on the grade of the hay. Typically consistent in terms of margin which is based on a cost-plus structure.

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Services Provided Wingara’s major export destinations
Hay
Processing Logistics
Accumulation
• • Japan
Supply sourced from more than Quality control testing on new hay • Domestic and  Dairy herd size: ~ 1.4 million
interstate markets
2,000 farmers over deliveries
100,000km [2 ] • Compress bales to • Offshore freight South Korea
throughout Victoria reduce size by to key markets  Diary herd size: ~ 450,000
• Purchase typically 50% including China,
Taiwan, South
occur during •
Repackaging and Korea and Japan
November –
fumigation Taiwan
January • Current  Dairy herd size: ~ 62,000
• Current storage
processing
capacity of
capacity of China
30,000 MT
110,000t per  Dairy herd size: ~ 6 million
• Storage capability annum
of up to 3 years
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WNR’s markets

JC Tanloden and Austco Polar form key parts of the Australian agriculture industry’s supply chain and export capabilities for protein and fodder products – both which have grown significantly over the past 5 years

Australian Protein Exports

• Export markets for proteins & fodder : $13 billion annually (from $9 billion 5 years ago)

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16
14
12
10
8
6
4
2
0
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Year ending June 30 2019
Total Protein Beef & Veal Lamb Fish Other Seafood
A$ billion
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• Oaten hay demand from China: 1.5 – 2 million MT per annum (accelerating in the past 5 years and cannot be met in Australia alone)

• Australia’s brand strength has increased share of production for fodder: Product traceability, quality and lack of contamination underpin the favourable reputation of Australian agricultural exports leading to major export expansion.

• Oaten hay is a desirable export product: Australian producers primarily export oaten hay, which improves milk production. Oaten hay has high demand worldwide as a reliable, high quality fodder that meets stringent animal production requirements.

• Wingara advantage: Under the Free Trade Agreement with China, only oaten hay from Australia is allowed to be imported

Oaten Hay Export Demand

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1400
1200
1000
800
600
400
200
0
Rest of Asia China Australian Production
‘000 Tonnes
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FARMING TRANSPORT DISTRIBUTION EXPORT
GRADING PROCESSING
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Source: Company websites, Wingara management estimates, Australian Fodder Industry Association

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Austco Polar – services and key markets

Established in 1987, Austco Polar Cold Storage owns and operates a cold storage facility which specialises in temperature controlled facilities, blast freezing, storage and distribution for domestic and international clients. Key clients account for over 30% of VIC meat production

Services Provided

Storage & Handling

Tenancy

Blast Freezing

• Receive containers and store products

• Chillers and freezers occupied by various food suppliers on long term contracts

• • Blast freeze

• and store products product; extends

• • Complete exporters shelf life from 12 documentation and weeks to up to 3 product selection years

• Load domestic and • Process capacity of • Average tenure of export containers 40K cartons per clients of 5 years with frozen product week

Revenue Model

• Service oriented to • Tolling based on cover fixed costs volume to key exporters

• Rent revenue charged monthly based on freezer space

• •

• Underpinned by export Cost plus arrangement demand and blast • Seeing steady growth in freezing demand

• Mitigates revenue profile and meets fixed cost in winter periods

Australian Protein Exports

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16
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10
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6
4
2
0
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Year
Total Protein Beef & Veal Lamb Fish Other Seafood
Source: Meat & Livestock Australia
A$ Billions
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• FY19 Revenue: 25% • FY19 Revenue: 55% • FY19 Revenue: 20%

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Protein Market Update

• Domestic consumption of red meats, particularly lamb and mutton, has been on a downward trend in recent years.

• The share of red meat production destined for export has risen as a result

• Given a greater reliance on exports, the meat industry has seen disruption from COVID-19 and logistical issues such as port strike action in 2020

• Total meat exports to key Asian markets continue to rise year-on-year

Images Source: Thomas Elder Markets https://www.thomaseldermarkets.com.au/market-insights/october-2020-rainfall-analysis/

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Rainfall Report

• Higher-than-expected rainfall prior to harvest has proved challenging for many growers across VIC and SA.

• Reports of weather-damaged hay have been received in some key areas.

• Quality hay is expected to come at a higher premium than anticipated

• Equally, exported product is likely to trade at a discount, particularly given slow domestic demand

Images Source: Thomas Elder Markets https://www.thomaseldermarkets.com.au/market-insights/october-2020-rainfall-analysis/

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Disclaimer

This presentation has been prepared by Wingara for professional investors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in the presentation. To the maximum extent permitted by law, none of Wingara, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

The distribution of this document in jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek advice on and observe such restrictions.

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We connect primary producers to the global market efficiently through our protein supply chain.

wingaraag.com.au

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